Advance Pierre sets Sept. 8 launch for $1.14 billion credit facility

By Sara Rosenberg

New York, Aug. 24 - Advance Pierre Foods has scheduled a bank meeting for Sept. 8 to launch its proposed $1.14 billion credit facility, according to a market source.

Previously, it was known that the deal would come during the Sept. 6 week, but a specific date had been unavailable.

Credit Suisse, Barclays Capital, Morgan Stanley and BMO Capital Markets are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $75 million ABL revolver, an $835 million first-lien term loan and a $230 million second-lien term loan.

The facility is being obtained in connection with the creation of the company through the merger of Pierre Foods Inc., Advance Food Co. Inc. and Advance Brands LLC.

Following completion of the merger, Oaktree Capital Management, the current majority shareholder of Pierre Foods, will maintain a majority share of the combined company. The current shareholders of Advance Food, the Allen and McLaughlin families, will own a minority share of the combined company.

Advance Pierre Foods will be a Cincinnati-based supplier of value-added protein and handheld convenience food products to the foodservice, school, retail, club, vending and convenience store channels.

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